2013 has been a red-hot year for IPO's. Will Pinnacle Foods follow in-step? Or will it break the lucky streak?

"Last week alone there were six new deals and on average they generated a ten percent pop on their first day of trading," said Jim Cramer. Could Pinnacle be number seven?

According to Jim Cramer, it's quite possible. Here's why:

1. Private equity deals have been performing well.

"In the past, I haven't been a big fan of these private equity backed IPOs, but recently these kinds of deals have been performing extremely well," Cramer said. "Since the beginning of 2013, 13 financial sponsored deals popped an average of 22% on the first day of trading."

2. Pinnacle customers seek out their iconic brands and the Street may reward that loyalty.

"They have a big frozen food business, with Bird's Eye frozen vegetables, Mrs. Paul's seafood, Lender's bagels, Celeste pizza, as well as those Hungry Man frozen meals," Cramer explained. "Pinnacle also has a grocery business which includes Duncan Hines, Mrs. Butterworth's, Comstock pie filling and many more."

In fact, Pinnacle products can be found in as many as 85% of American homes. Cramer said to think of it this way, "Old food brands never die, they don't even fade away."

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3. Proceeds from IPO will pay down debt.

"The company is going to use $465 million of the proceeds from the IPO to retire a major chunk of high-interest debt due in 2015, so that after it comes public, Pinnacle will have just $2 billion in debt," Cramer said. In turn, that makes the balance sheet more attractive.

4. Shareholder friendly business strategy could attract investors.

Cramer thinks the management team deserves a nod for the shrewd moves they've been making, recently.

"They're getting out of lower-margin businesses and they've cut costs," he said. "Also management has explained that while the first half of 2012 was tough, the second half was much better, and the environment seems to be improving."

All told, Cramer likes the potential. But that doesn't mean the stock is a buy at any price – not at all.

Pinnacle plans to sell 29 million shares at a price range of $18 to $20. The company intends to pay an 18-cent per share quarterly dividend, so at the mid-point of the range, that gives you a terrific 3.8% yield.

So where can this stock go?

After crunching the numbers and comparing metrics to rival B&G, Cramer said "I think $30 is a pretty reasonable target."

However, it's also worth noting that IPOs can be the deep end of the pool, so if the stock idea appeals to you, make sure to pre-determine your entry level. Irrational exuberance is the enemy.

At $18-$20, Cramer is a buyer. "I like it even if they raise the price range up to $22, but there and only there -- no higher," he said.